Brazil’s Central Bank to Launch CBDC Pilot in 2022: Report

The final version of the central bank digital currency is expected to come in 2024.

Nov 22, 2021 at 10:59 p.m. UTC
Updated Nov 23, 2021 at 3:00 p.m. UTC

The Central Bank of Brazil (BCB) plans to start a pilot program of a digital currency next year, BCB President Roberto Campos Neto said on Friday, according to local media outlet Estadao.

  • In September, the BCB told the Brazilian Senate that it planned to launch the final version of a digital real in 2024, according to estimates made by Fabio Araujo, an economic adviser to the BCB, who added that the monetary authority would conduct initial tests in 2022.
  • Brazil’s central bank has also been discussing a bill to regulate digital assets as an investment vehicle, Campos Neto also said on Friday, without disclosing further details.
  • “[Crypto] is already starting to affect even the national accounts, which means it has become a relevant investment instrument,” Campos Neto noted, adding that crypto purchases are affecting Brazil’s import figures.
  • According to the BCB, Brazilians have acquired $4.27 billion in cryptocurrencies so far in 2021. In August, Campos Neto said that Brazilians held about $40 billion in cryptocurrencies.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Andrés Engler is a CoinDesk business reporter based in Argentina, where he covers the Latin American crypto ecosystem.